Hudson County real estate bloat

An interesting article about how Hudson County has the biggest backlog of unsold inventory in the tri-state area. More than double that of Manhattan. 24.1 months!

Hoboken and Applied housing were mentioned as well:

Housing inventory on the rise

“In Hudson County, home to Hoboken and Jersey City — an area known as “Wall Street West” — sales were 26 percent fewer in November than the month before, and 47 percent fewer than in November 2007.

One large developer in Hoboken, the Applied Development Company, stopped building anything other than rentals as of nearly two years ago, said its president, David Barry. “We saw the condo market getting ahead of itself, and becoming temporarily overbuilt, for sure,” he said.

But of the rentals that Applied is moving ahead with, several developments are in Hudson County. “We just started on 225 Grand, a 348-unit rental in Jersey City,” Mr. Barry said, “and we’re preparing to start with the Berkshire, 93 rental units, at the Shipyard.” The Shipyard is an Applied rental/condo complex on the Hudson in Hoboken.

What the heck is the “Berkshire”? Anyone have an idea where that’s being built? Is that the spot to the west of the Sovereign?

so why is hoboken allowing another 93 unit building right next to the sovereign? think the infrastructure can handle it? think the density is appropriate, or zoned? what about open space? the area between the Sov and the new building will be EXACTLY like the canyons being build all along the northern waterfront. it really is a sad statement about the corruption of the hoboken zoning board. we already know joe berry went to jail for bribery, so there is no question how these guys do business. but the city officials are supposd to be there to protect the rest of the city from these people. unfortunately they are the same as the developers, except they haven’t been convicted yet.